English Heritage has become the latest charity to sign up to Giftcoin, the blockchain platform that brings transparency and trust to charities.
Reaching millennial donors is a significant challenge for charities in a digital age where trust, in charity and good causes, seems to be at an all-time low. However, new developments in blockchain technology - the technology that underpins cryptocurrencies such as Bitcoin - offer a disruptive new solution, allowing donors to track when and how their donation is spent.
English Heritage is the charity charged with managing the National Heritage Collection, which comprises over 400 of England's historic buildings, monuments and sites. Spanning more than 5,000 years of history, the Collection includes famous national landmarks such as Stonehenge, Dover Castle and Hadrian’s Wall.
The charity received close to £2.5m in donations in 2015/16, and a key strategy in its aim for financial sustainability by 2023 is to reach out to new kinds of donors and make fresh arguments for the value of its work. Embracing the latest technologies that attract more millennial donors, who demand increased transparency from charities, will be crucial in achieving this goal.
Luke Purser, Development Director at English Heritage, said: “English Heritage cares for the places where England's stories were forged and where they can be retold. To do this we often use the latest technologies and so we're pleased to see the new initiative from Giftcoin, which will help charities communicate to donors how and where their funds are being used. We hope this will be a great new way to raise more funds to support our important work."
Giftcoin will bring a beta version of its platform to the market this Summer and is working with a number of charities, as part of its testing process including Ourmala and The Optimum Health Clinic.
Alex Howard, co-founder of Giftcoin said: “Over recent years, technology has transformed almost every part of our lives, and yet the way that we give money to charity has barely changed.
"Now, through the power of blockchain, we have the potential to see exactly how our money is used and when we donate it to good causes. We believe this has the potential to bring dramatically more money to good causes, and we are committed to building the platform that makes this possible.”